VIDEO: Titanic to sail again  sort of

Earlier this week the billionaire Palmer announced that he was building Titanic II, a near-exact replica of the legendary ship.

"It will be every bit as luxurious as the original Titanic, but, of course, it will have state-of-the-art, 21st century technology and the latest navigation and safety systems," Palmer said in a statement.

Palmer has an estimated net worth of about $5 billion and made his fortune in the mining industry through his company, Mineralogy, and investments in other natural resources companies. He is known for headline-grabbing statements, such as his claim that Greenpeace was being funded by the U.S. Central Intelligence Agency to bring down Australia’s coal mining sector.

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Click play for a news report on Titanic II.

Palmer announced the Titanic II project at a press conference during which he also said he was challenging for the Australian parliamentary seat held by the deputy prime minister. He told the Australian press that he had signed a memorandum of understanding with the Chinese CSC Jinling Shipyard to build the liner, which is to make its maiden voyage from London to New York in late 2016.

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He said design work — to be done in conjunction with a historical research team — had started on the ship, which will have the same dimensions as RMS Titanic, with 840 cabins and nine decks.